Correlation Between CONSOLIDATED and 22nd Century
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By analyzing existing cross correlation between CONSOLIDATED EDISON N and 22nd Century Group, you can compare the effects of market volatilities on CONSOLIDATED and 22nd Century and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in CONSOLIDATED with a short position of 22nd Century. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED and 22nd Century.
Diversification Opportunities for CONSOLIDATED and 22nd Century
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CONSOLIDATED and 22nd is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED EDISON N and 22nd Century Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 22nd Century Group and CONSOLIDATED is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on CONSOLIDATED EDISON N are associated (or correlated) with 22nd Century. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 22nd Century Group has no effect on the direction of CONSOLIDATED i.e., CONSOLIDATED and 22nd Century go up and down completely randomly.
Pair Corralation between CONSOLIDATED and 22nd Century
Assuming the 90 days trading horizon CONSOLIDATED EDISON N is expected to generate 0.11 times more return on investment than 22nd Century. However, CONSOLIDATED EDISON N is 9.16 times less risky than 22nd Century. It trades about 0.09 of its potential returns per unit of risk. 22nd Century Group is currently generating about -0.07 per unit of risk. If you would invest 8,637 in CONSOLIDATED EDISON N on August 31, 2025 and sell it today you would earn a total of 191.00 from holding CONSOLIDATED EDISON N or generate 2.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 50.79% |
| Values | Daily Returns |
CONSOLIDATED EDISON N vs. 22nd Century Group
Performance |
| Timeline |
| CONSOLIDATED EDISON |
| 22nd Century Group |
CONSOLIDATED and 22nd Century Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED and 22nd Century
The main advantage of trading using opposite CONSOLIDATED and 22nd Century positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED position performs unexpectedly, 22nd Century can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 22nd Century will offset losses from the drop in 22nd Century's long position.| CONSOLIDATED vs. MI Homes | CONSOLIDATED vs. China Industrial Waste | CONSOLIDATED vs. Piedmont Office Realty | CONSOLIDATED vs. DATA Communications Management |
| 22nd Century vs. Quality One Wireless | 22nd Century vs. Bankwell Financial Group | 22nd Century vs. Central Wireless | 22nd Century vs. ARIA Wireless Systems |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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